Housing and Urban Development Corporation
Encyclopedia
The Housing and Urban Development Corporation Limited (HUDCO) is a government-owned corporation
in India
. One of the public sector undertakings, it is wholly owned by the Union Government
and is under the administrative control of the Ministry of Housing and Urban Poverty Alleviation
. It is charged with building affordable housing
and carrying out urban development
. HUDCO describes its mission as:
HUDCO was incorporated
on April 25, 1970.
In 1972, HUDCO catalyzed innovative housing schemes with well-known architects such as B. V. Doshi
, Charles Correa
, and Christopher Charles Benninger
. More recently, the HUDCO has focused on the creation of urban infrastructure.
Government-owned corporation
A government-owned corporation, state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, or parastatal is a legal entity created by a government to undertake commercial activities on behalf of an owner government...
in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. One of the public sector undertakings, it is wholly owned by the Union Government
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
and is under the administrative control of the Ministry of Housing and Urban Poverty Alleviation
Ministry of Housing and Urban Poverty Alleviation
The Seventh Schedule of Indian Constitution has allocated the matters pertaining to housing and urban development to the State; and further with The Constitution 74th Amendment Act, 1993 these have been delegated further to the Local Bodies. As such the Constitutional and legal authority of the...
. It is charged with building affordable housing
Affordable housing
Affordable housing is a term used to describe dwelling units whose total housing costs are deemed "affordable" to those that have a median income. Although the term is often applied to rental housing that is within the financial means of those in the lower income ranges of a geographical area, the...
and carrying out urban development
Urban planning
Urban planning incorporates areas such as economics, design, ecology, sociology, geography, law, political science, and statistics to guide and ensure the orderly development of settlements and communities....
. HUDCO describes its mission as:
- To provide long term finance for construction of houses for residential purposes or finance or undertake housing and urban development programmes in the country;
- to finance or undertake, wholly or partly, the setting up of new or satellite town
Satellite townA satellite town or satellite city is a concept in urban planning that refers essentially to smaller metropolitan areas which are located somewhat near to, but are mostly independent of, larger metropolitan areas.-Characteristics:...
s;- to subscribe to the debenture
DebentureA debenture is a document that either creates a debt or acknowledges it. In corporate finance, the term is used for a medium- to long-term debt instrument used by large companies to borrow money. In some countries the term is used interchangeably with bond, loan stock or note...
s and bondsGovernment bondA government bond is a bond issued by a national government denominated in the country's own currency. Bonds are debt investments whereby an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to a company or country...
to be issued by the State Housing (and/or Urban Development) Boards, Improvement Trusts, Development Authorities etc.; specifically for the purpose of financing housing and urban development programmes;- to finance or undertake the setting up of industrial enterprises of building material
Building materialBuilding material is any material which is used for a construction purpose. Many naturally occurring substances, such as clay, sand, wood and rocks, even twigs and leaves have been used to construct buildings. Apart from naturally occurring materials, many man-made products are in use, some more...
;- to administer the moneys received, from time to time, from the Government of India and other sources as grants or otherwise for the purposes of financing or undertaking housing and urban development programmes in the country and;
- to promote, establish, assist, collaborate and provide consultancy services for the projects of designing and planning of works relating to Housing and Urban Development programmes in India and abroad.
HUDCO was incorporated
Incorporation (business)
Incorporation is the forming of a new corporation . The corporation may be a business, a non-profit organisation, sports club, or a government of a new city or town...
on April 25, 1970.
In 1972, HUDCO catalyzed innovative housing schemes with well-known architects such as B. V. Doshi
B. V. Doshi
Balkrishna Vithaldas Doshi is an Indian architect.-Early life:B. V. Doshi was born in Pune, India. He studied at the J. J. School of Architecture, Mumbai.-Career:...
, Charles Correa
Charles Correa
Charles Correa is an Indian architect, planner and activist.-Early life:Charles Correa was born in Hyderabad, India...
, and Christopher Charles Benninger
Christopher Charles Benninger
Christopher Charles Benninger is an American-Indian architect and planner born in the United States in 1942. He studied urban planning at the Massachusetts Institute of Technology and architecture at Harvard's Graduate School of Design, where he later taught .Benninger studied under Josep Lluis...
. More recently, the HUDCO has focused on the creation of urban infrastructure.